Google buys secret smartwatch technology from Fossil for $40 million

Fossil makes the best Android Wear smartwatches in the market with one of the best fitness features. Today, Google makes an agreement with Fossil Group by purchasing the secret still in development smartwatch technology for $40 million. With this agreement, some of the Fossil’s R&D team’s members join Google.

McKelvey Statement

We believe that Google will eventually use this agreement in the making of new product innovation, that’s not available in the market. The technology will be similar to what we’ve seen Fossil implementing with the Misfit. Fossil acquired Misfit in 2016 for around $260 million. “It’s based on something out of our timeline, it’s new to the market technology and we think it’s a product that has features and benefits that aren’t in the category today”, McKelvey said.

The technology won’t be exclusive to Google and Fossil in the near future. Google will make the platform available to everyone with Wear OS space. Well, this is what Google has done with Android ecosystem and Wear OS system, anyways.

Stacey Burr Statement

Stacey Burr, VP of Product Management of Wear OS at Google said: “We saw some technology that they were developing that we thought could be brought out in a more expansive way if Google had that technology, and was not only able to continue to use it with Fossil but bring it to other partners in the ecosystem. It’s about bringing great features to the widest numbers of on-the-go consumers.”

McKelvey went on to reveal that “the Fossil Group will bring the product to market, across our full breadth of brands over time, and then in true Google fashion, the technology will be expanded across the industry over time to benefit all”.

Both the companies may soon start the development of the new unknown technology. The companies don’t want to reveal the technology. We are unaware that when we are likely to see this technology in hands.